AUD/USD extends rebound to 0.7740 area ahead of US ADP and PMI data

AUD/USD is edging higher following Tuesday's sharp drop.
US Dollar Index retreats from multi-week highs, holds above 91.00.
Focus shifts to ADP and Services PMI data from US.

Eren Sengezer FXStreet

The AUD/USD pair dropped to its lowest level since mid-April at 0.7676 on Tuesday and managed to stage a technical correction before closing in the negative territory above 0.7700. With the greenback losing interest on Wednesday, the pair extended its recovery on Wednesday and was last seen gaining 0.43% on the day at 0.7738.

Improving market mood hurts USD

Earlier in the day, the data from Australia showed that the Commonwealth Bank Services PMI rose to 58.8 in April. This reading came in slightly better than the market expectation of 58.6 and helped the AUD gather strength.

In the meantime, the positive shift seen in risk sentiment is making it difficult for the USD to find demand ahead of key macroeconomic data releases. At the moment, major European equity indexes are up more than 1% on the day and the S&P 500 Futures are rising 0.4%. The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, is down 0.06% at 91.22.

Later in the session, the ADP Employment Change and the ISM Services PMI data will be featured in the US economic docket. Furthermore, Boston Federal Reserve President Eric Rosengren, Cleveland Federal President Loretta Mester and Chicago Federal Reserve Bank President Charles Evans will be delivering speeches.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7739
Today Daily Change	0.0033
Today Daily Change %	0.43
Today daily open	0.7706

Trends
Daily SMA20	0.7718
Daily SMA50	0.7713
Daily SMA100	0.7707
Daily SMA200	0.7471

Levels
Previous Daily High	0.7766
Previous Daily Low	0.7674
Previous Weekly High	0.7819
Previous Weekly Low	0.7696
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7709
Daily Fibonacci 61.8%	0.7731
Daily Pivot Point S1	0.7665
Daily Pivot Point S2	0.7624
Daily Pivot Point S3	0.7574
Daily Pivot Point R1	0.7757
Daily Pivot Point R2	0.7807
Daily Pivot Point R3	0.7848

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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